India imports around 80% of its oil needs, but Prime Minister Narendra Modi has said he wants to bring that down to 67% by 2022.
India's H-Energy looking to buy LNG from Novatek on a long-term basis.Those deals and investments would help India and Russia to reach their goal of hitting $30 billion in annual trade by 2025. Bilateral trade between the two countries currently stands at around $11 billion.Diversifying India's energy mix allows the government to better manage its finances, according to Pradhan, who's also the country's steel minister.
India's large oil imports, sourced mainly from the Middle East, make the country highly vulnerable to spikes in crude prices."Yes, this is an area of challenge ... how to manage our finance in this area," said Pradhan. The minister said that India is adding more gas into its energy mix, especially with plenty of natural gas supply in the market at a more competitive price now."So, India is a growing energy market. We know the challenges ...
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